Gold took off today! I had traded a few swings around the 4000 level before, but recently I’ve been so focused on AI that I didn’t continue with gold—kind of want to kick myself for it. Especially yesterday, when crude oil was dropping but gold and silver hadn’t moved yet. I thought about it for a second, but then got distracted by the SPCX earnings report and totally forgot. Speaking of what triggered this round of gold’s rally, it’s probably the drop in crude oil. Gold and oil have been used as hedges against each other for a long time. Although there’s a theory that they usually move in sync over the long term, this year, after the U.S.-Iran conflict broke out, they’ve mostly been moving inversely. On top of that, tonight’s ADP employment data lowered rate hike expectations, giving gold more momentum to climb. Previously, gold’s solid support at 4000 was largely thanks to central banks, especially China, buying to stabilize prices. With U.S. Treasury yields continuing to rise, buying gold to hedge against future dollar risks is absolutely necessary. From a structural perspective, gold has been consolidating in the 4000-4100 range for over a month now, and the base looks pretty solid. The next resistance level is around 4330. Whether it can break higher will depend on Friday’s non-farm payroll data. @BITstocks_CN Trade U.S. stocks on BIT—10,000+ U.S. stocks and ETFs, real holdings, and enjoy dividend payouts.